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Notes to Accounts of Hubtown Ltd.

Mar 31, 2015

NOTE '1' : CORPORATE INFORMATION

Hubtown Limited is a listed public limited company domiciled in India, incorporated under the Companies Act, 1956. The Company is engaged in real estate business of construction and development of Residential and Commercial Premises, Build Operate Transfer (BOT) Projects, etc. through both - on its own and through its subsidiaries / joint ventures / associate companies.

c. terms / rights attached to equity Shares :

The Company has a single class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in annual general meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held by each shareholder, after settlement of all preferential obligations.

Footnotes:

a. During the previous year, the Company transferred an amount of Rs. 3,000.00 Lacs to debenture redemption reserve in accordance with the provisions of Section 117C of the Companies Act, 1956.

b. In the Twenty Sixth Annual General Meeting of the Company held on 25th September, 2014, the motion for declaration of dividend on equity shares for the year ended March 31, 2014 was lost. Consequently, no dividend was paid to the shareholders and hence the proposed equity dividend and tax thereon has been reversed during the year.

c. The Company, owing to liquidity crunch, has not invested / deposited Rs. 1,382.46 lacs (P.Y. Rs. 2,686.83 lacs) in the manner prescribed under Rule 18(7) (c) of the Companies (Share Capital and Debentures) Rules, 2014 notified by the Ministry of Corporate Afairs.

c. The Company has investments in certain subsidiaries, jointly controlled entities and associates aggregating C.Y. Rs. 2,821.92 Lacs (P.Y. Rs. 860.20 lacs) and loans and advances outstanding aggregating C.Y. Rs. 102,057.21 lacs (P.Y. Rs. 104,981.29 lacs) as at March 31, 2015. While such entities have incurred losses and have negative net worth as at the year end, the underlying projects in such entities are at various stages of real estate development and are expected to achieve adequate profitability on substantial completion and/ or have current market values of certain properties in excess of the carrying values. The Company considers its investments in such entities as long term and strategic in nature. Accordingly, no provision is considered necessary towards diminution in the value of the Company's investments in such entities or in respect of loans and advances advanced to such entities, which are considered good and fully recoverable.

note '2'

CONTINGENT LIABILITIES (NOT PROVIDED FOR) :

(A) Claims against the Company not acknowledged as debts on account of :

1) Income tax and MVAT matters under appeal 654.41 590.51

2) TDS liability on account of short deduction, short payment and interest thereon as per TRACES 411.42 __

3) Demand notice issued by Brihanmumbai Municipal Corporation for land construction __ 617.20 charges (property tax)

4) Development permission from forest department __ 156.22

5) Towards pending legal cases 68,909.50 58,542.67

(B) On account of corporate guarantees issued by the Company to bankers and others on behalf of other companies and joint ventures for facilities availed by them (amount outstanding there against.) (Refer footnote b) 47,280.82 64,273.76

Footnotes:

a. Interest / penalty that may accrue on original demands are not ascertainable, at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable.

b. Contingent liabilities including corporate guarantees issued are identified by the Company and relied upon by the auditors.

note '3'

RELATED PARTIES DISCLOSURES

a. names of related parties and description of relationship

i. Subsidiaries

1 ABP Realty Advisors Private Limited

2 Ackruti Safeguard Systems Private Limited

3 Adhivitiya Properties Limited (up to August 31, 2014)

4 Arnav Gruh Limited (up to February 28, 2015)

5 Citywood Builders Private Limited (from November 29, 2014)

6 Citygold Education Research Limited

7 Citygold Farming Private Limited

8 Devkrupa Build Tech Limited

9 Diviniti Projects Private Limited

10 Gujarat Akruti - TCG Biotech Limited

11 Halitious Developer Limited

12 Headland Farming Private Limited

13 Heddle Knowledge Private Limited

14 Heeler Hospitality Private Limited (up to March 31, 2015)

15 Heet Builders Private Limited

16 India Development And Construction Venture Capital Private Limited

17 Joynest Premises Private Limited

18 Merrygold Buildcon Private Limited (up to March 31, 2015)

19 Sheshan Housing and Area Development Engineers Limited

20 Upvan Lake Resorts Private Limited

21 Urvi Build Tech Limited

22 Vama Housing Limited

23 Vega Developers Private Limited

24 Vishal Nirman (India) Limited (up to March 31, 2015)

25 Vishal Techno Commerce Limited

26 Yantti Buildcon Private Limited

ii. associates

1 Citywood Builders Private Limited (up to November 29, 2014)

2 Comral Realty Private Limited

3 Holiac Realty Private Limited (up to April 01, 2014)

4 Harbinger Developers Private Limited (up to November 29, 2014)

5 Pristine Developers Private Limited

6 Shubhsiddhi Builders Private Limited (from November 29, 2014)

7 Vinca Developer Private Limited

8 Yellowcity Builders Private Limited

9 Whitebud Developers Limited

iii. Jointly controlled entities

1 Hoary Realty Limited

2 Hubtown Bus Terminal (Adajan) Private Limited

3 Hubtown Bus Terminal (Ahmedabad) Private Limited

4 Hubtown Bus Terminal (Mehsana) Private Limited

5 Hubtown Bus Terminal (Surat) Private Limited

6 Hubtown Bus Terminal (Vadodara) Private Limited

7 Joyous Housing Limited (formerly known as Joyous Housing Private Limited)

8 Rukshmani Properties Private Limited (from July 01, 2014)

9 Rare Townships Private Limited

10 Sunstream City Private Limited

11 Akruti GM JV

12 Akruti Jay Chandan JV

13 Akruti Jay Developers

14 Akruti Kailash Constructions

15 Akruti Realty Forefront Combine

16 Akruti Steelfab Corporation

17 Akruti SMC JV (upto February 28, 2015)

18 Gandhi Adhivitiya Combine (up to August 31, 2014)

19 Gulati Estate Joint Venture (dissolved as on March 31, 2015)

20 Hiranandani Akruti JV

21 Shreenath Realtors

22 Sole Builders (upto November 30, 2014)

23 Rising Glory Developers (from January 01, 2015)

24 New Township Fintrade JV (from June 01, 2014)

25 Town Planning Fintrade JV (from June 01, 2014)

26 Hinterland Fintrade JV (from June 01, 2014)

iV. Key management personnel

1 Mr. Hemant M. Shah, Executive Chairman

2 Mr. Vyomesh M. Shah, Managing Director

V. relatives of key management personnel

1 Mrs. Lata M. Shah, Mother of Executive Chairman and Managing Director

2 Mrs. Kunjal H. Shah, Wife of Executive Chairman

3 Mrs. Falguni V. Shah, Wife of Managing Director

4 Mr. Rushank V. Shah, Son of Managing Director

5 Mr. Khilen V. Shah, Son of Managing Director

6 Mr. Kushal H. Shah, Son of Executive Chairman

7 Mrs. Nutan Dhanki, Sister of Executive Chairman and Managing Director

8 Mrs. Hemanti Parekh, Sister of Executive Chairman and Managing Director

9 Hemant M. Shah HUF - Karta Executive Chairman

10 Vyomesh M. Shah HUF - Karta Managing Director

11 Mahipatray V. Shah HUF - Karta Executive Chairman

12 Mahipatray V. Shah Discretionary Trust - Trustees Executive Chairman and Managing Director

13 Estate of Mahipatray V Shah - Beneficiaries Executive Chairman and Managing Director

Vi. enterprises where key managerial personnel or their relatives exercise significant influence

(Where transactions have taken place)

1 Adhivitiya Properties Limited (from August 31, 2014)

2 Buildbyte. Com. (India) Private Limited

3 Citygold Management Services Private Limited

4 Fourjone Realtors Private Limited

5 Helik Advisory Limited

6 Heeler Hospitality Private Limited (from March 31, 2015)

7 Ichha Constructions Private Limited

8 Joya Habitat Private Limited

9 Lista City Private Limited

10 Merrygold Buildcon Private Limited (from March 31, 2015)

11 Starzone Developers Private Limited

12 Sunmist Builders Private Limited

13 Superaction Realty Private Limited

14 Trans Gulf MEP Engineers Private Limited

15 Vishal Nirman (India) Limited (from March 31, 2015)

a. Previous year figures are given in brackets.

b. Related party relationships are identified by the Company and relied upon by the auditors.

c. $ Enterprises where Key Managerial Personnel or their relatives exercise significant influence.

note '4'

A major fire which took place at the registered office of the Company on December 23, 2011, causing extensive damage and destruction of records and assets of the Company, including financial accounting records. The management is of the opinion that no significant adjustments would be necessary to the position reported in the financial statements, upon reconstruction of balance documents and records.

note '5'

Loans and advances, other receivables, debtors and creditors are subject to confirmations and are considered payable / realisable, as the case may be.

note '6'

Previous year figures have been regrouped / reclassified wherever necessary, to make them comparable with current year figures in the Financial Statements.


Mar 31, 2014

Note ''1'' : Corporate information

Hubtown Limited is a listed public limited Company domiciled in India, incorporated under The Companies Act, 1956. The Company is engaged in real estate business of construction and development of Residential and Commercial Premises, SEZs, Biotech Park, Build Operate Transfer (BOT) Projects, etc. through both - on its own and through its subsidiaries / joint ventures / associate companies.

31 March, 2014 31 March, 2013 ( Rs. in lacs) ( Rs. in lacs)

Note ''2''

Contingent Liabilities (Not Provided For) :

(A) Claims against the Company not acknowledged as debts on account of :

1) Income tax and MVAT matters under appeal. 590.51 12.52

2) Demand notice issued by Brihanmumbai Municipal Corporation for land construction 617.20 548.19 charges (property tax).

3) Development permission from forest department. 156.22 156.22

4) Others 58,542.67 51,000.92

(B) On account of corporate guarantees issued by the Company to bankers and others on behalf 64,273.76 31,018.45 of other companies and joint ventures for facilities availed by them (amount outstanding thereagainst) (Refer footnote).

Further interest / penalty that may accrue on original demands are not ascertainable at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable.

Footnote:

Contingent liabilities including corporate guarantees are identified by the Company and relied upon by the auditors.

Note ''3''

Related Parties Disclosures

a. Names of related parties and description of relationship

i. Subsidiaries

1 ABP Realty Advisors Private Limited

2 Ackruti Safeguard Systems Private Limited

3 Adhivitiya Properties Limited

4 Arnav Gruh Limited

5 Citygold Education Research Limited

6 Citygold Farming Private Limited

7 Devkrupa Build Tech Limited

8 Diviniti Projects Private Limited

9 Gujarat Akruti - TCG Biotech Limited

10 Halitious Developer Limited

11 Headland Farming Private Limited

12 Heddle Knowledge Private Limited

13 Heeler Hospitality Private Limited

14 Heet Builders Private Limited

15 India Development And Construction Venture Capital Private Limited

16 Joynest Premises Private Limited

17 Merrygold Buildcon Private Limited

18 Sheshan Housing & Area Development Engineers Limited

19 Upvan Lake Resorts Private Limited

20 Urvi Build Tech Limited

21 Vama Housing Limited

22 Vega Developers Private Limited

23 Vishal Nirman (India) Limited

24 Vishal Techno Commerce Limited

25 Yantti Buildcon Private Limited

ii. Associates

1 Citywood Builders Private Limited

2 Comral Realty Private Limited

3 Forefront Realty Private Limited (upto June 30, 2013)

4 Gallant Infotech Private Limited

5 Glamorous Properties Private Limited (upto December 31, 2013)

6 Harbinger Developers Private Limited

7 Holiac Realty Private Limited

8 Pristine Developers Private Limited

9 Whitebud Developers Limited

10 Vinca Developer Private Limited

11 Yellowcity Builders Private Limited

iii. Jointly controlled entities

1 Hoary Realty Limited

2 Hubtown Bus Terminal (Adajan) Private Limited

3 Hubtown Bus Terminal (Ahmedabad) Private Limited

4 Hubtown Bus Terminal (Mehsana) Private Limited

5 Hubtown Bus Terminal (Surat) Private Limited

6 Hubtown Bus Terminal (Vadodara) Private Limited

7 Joyous Housing Private Limited (formerly known as Joyous Housing Limited)

8 Rare Townships Private Limited

9 Sunstream City Private Limited

10 Akruti GM JV

11 Akruti Jay Chandan JV

12 Akruti Jay Developers

13 Akruti Kailash Constructions

14 Akruti Realty Forefront Combine

15 Akruti Steelfab Corporation

16 Akruti SMC JV

17 Gandhi Adhivitiya Combine

18 Gulati Estate Joint Ventures

19 Hiranandani Akruti JV

20 Panama JV

21 Shreenath Realtors

22 Sole Builders

23 Primeria JV (upto June 30, 2013)

iV. Key management Personnel

1 Mr. Hemant M. Shah, Executive Chairman

2 Mr. Vyomesh M. Shah, Managing Director

V. relatives of Key management Personnel

1 Mrs. Lata M. Shah, Mother of Executive Chairman and Managing Director

2 Mrs. Kunjal H. Shah, Wife of Executive Chairman

3 Mrs. Falguni V. Shah, Wife of Managing Director

4 Mr. Rushank V. Shah, Son of Managing Director

5 Mr. Khilen V. Shah, Son of Managing Director

6 Mr. Kushal H. Shah, Son of Executive Chairman

7 Mrs. Nutan Dhanki, Sister of Executive Chairman and Managing Director

8 Mrs. Hemanti Parekh, Sister of Executive Chairman and Managing Director

9 Hemant M. Shah HUF- Karta Executive Chairman

10 Vyomesh M. Shah HUF- Karta Managing Director

11 Mahipatray V. Shah HUF- Karta Executive Chairman

12 Mahipatray V. Shah Discreationary Trust- Trustees Executive Chairman and Managing Director

13 Estate of Mahipatray V Shah – Benefciary Executive Chairman and Managing Director

Vi. enterprises where Key management Personnel or their relatives exercise significant infuence

(Where transactions have taken place)

1 Buildbyte. Com. (India) Private Limited

2 Citygold Management Services Private Limited

3 Fourjone Realtors Private Limited

4 Helik Advisory Limited

5 Ichha Constructions Private Limited

6 Lista City Private Limited

7 Starzone Developers Private Limited

8 Sunmist Builders Private Limited

9 Superaction Realty Private Limited

10 Trans Gulf MEP Engineers Private Limited

11 Ukay Valves and Founders Private Limited

12 Vishwajeet Consultancy Private Limited

NOTE ''4''

A major fire took place at the registered office of the company on December 23, 2011, causing extensive damage and destruction of records and assets of the Company, including financial accounting records. The management is of the opinion that no significant adjustments would be necessary to the position reported in the financial statements, upon reconstruction of balance documents and records.

NOTE ''5''

Loans from financial institutions, debenture holders, and loans & advances are subject to confirmation and are considered payable / realisable, as the case may be.

NOTE ''6''

Previous year figures have been regrouped / reclassified wherever necessary, to make them comparable with current year figures in financial statements.


Mar 31, 2013

NOTE ''1'' : CORPORATE INFORMATION

Hubtown Limited is a listed public limited company domiciled in India, incorporated under The Companies Act, 1956. The Company is engaged in real estate business of construction and development of Residential and Commercial Premises, SEZs, Biotech Park, Build Operate Transfer (BOT) Projects, etc. through both - on its own and through its subsidiaries / joint ventures / associate companies.

NOTE ''2''

During the previous year, a major fre took place at the registered offce of the Company, on 23rd December, 2011, causing extensive damage and destruction of the records, documents and assets of the Company. However, the fnancial accounting records of the Company were intact. The assets of the Company at its registered offce, which were destroyed in the fre , were insured. On account of pending approval of the claims from the insurer, the Company had provided for losses to the extent of current year Rs. Nil (P.Y. Rs. 350.00 lacs) on a prudent basis.

31 March, 2013 31 March, 2012 (Rs. in lacs) (Rs. in lacs)

NOTE ''3''

CONTINGENT LIABILITIES (NOT PROVIDED FOR) :

(A) Claims against the Company not acknowledged as debts on account of:

1) Income tax matters under appeal 12.52 1,179.91

2) Demand notice issued by Brihanmumbai Municipal Corporation for land 548.19 548.19 construction charges (property tax)

3) Development permission from forest department 156.22 156.22

(B) On account of corporate guarantees issued by the Company to bankers and others 31,018.45 78,138.97 on behalf of other companies and joint ventures for facilities availed by them (amount outstanding thereagainst.) (Refer footnote)

Further interest / penalty that may accrue on original demands are not ascertainable at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable.

Footnote:

Contingent liabilities including corporate guarantees are as identifed and issued by the Company and relied upon by the auditors.

NOTE ''4''

RELATED PARTIES DISCLOSURES

A. Names of related parties and description of relationship I. Subsidiaries

1 ABP Realty Advisors Private Limited

2 Ackruti Safeguard Systems Private Limited

3 Adhivitiya Properties Limited

4 Arnav Gruh Limited

5 Citygold Education Research Limited

6 Citygold Farming Private Limited

7 Devkrupa Build Tech Limited

8 Diviniti Projects Private Limited

9 Gujarat Akruti - TCG Biotech Limited

10 Halitious Developer Limited

11 Headland Farming Private Limited

12 Heddle Knowledge Private Limited

13 Heeler Hospitality Private Limited

14 Heet Builders Private Limited

15 Holiac Realty Private Limited (formerly known as Holiac Realty Limited ) (upto September 30, 2012)

16 India Development And Construction Venture Capital Private Limited

17 Joynest Premises Private Limited (from February 15, 2013)

18 Merrygold Buildcon Private Limited

19 Pushpak Healthcare Services Private Limited (upto June 01, 2012)

20 Sheshan Housing & Area Development Engineers Limited

21 Upvan Lake Resorts Private Limited

22 Urvi Build Tech Limited

23 Vama Housing Limited

24 Vega Developers Private Limited

25 Vishal Nirman (India) Limited

26 Vishal Techno Commerce Limited

27 Yantti Buildcon Private Limited

II. Associates

1 Citywood Builders Private Limited

2 Comral Realty Private Limited

3 Forefront Realty Private Limited (from June 01, 2012)

4 Glamorous Properties Private Limited (from May 25, 2012)

5 Harbinger Developers Private Limited

6 Holiac Realty Private Limited (Formerly known as Holiac Realty Limited) (from October 01, 2012)

7 Joynest Premises Private Limited (upto February 14, 2013)

8 Pristine Developers Private Limited

9 Trans Gulf MEP Engineers Private Limited (upto September 30, 2012)

10 Whitebud Developers Limited

11 Vinca Developer Private Limited

12 Yellowcity Builders Private Limited

13 Sunstream City Private Limited (upto December 31,2012)

III. Jointly controlled entities

1 Hubtown Bus Terminal (Adajan) Private Limited (formerly known as Ackruti City Bus Terminal (Adajan) Private Limited)

2 Hubtown Bus Terminal (Ahmedabad) Private Limited (formerly known as Ackruti City Bus Terminal (Ahmedabad) Private Limited)

3 Hubtown Bus Terminal (Mehsana) Private Limited (formerly known as Ackruti City Bus Terminal (Mehsana) Private Limited)

4 Hubtown Bus Terminal (Vadodara) Private Limited (formerly known as Ackruti City Bus Terminal (Vadodara) Private Limited)

5 Hubtown Bus Terminal (Surat) Private Limited (formerly known as Ackruti City Bus Terminal (Surat) Private Limited)

6 Hoary Realty Limited

7 DLF Info Parks Pune Limited (formerly known as Ackruti City Magnum Limited) (upto May 21, 2012)

8 Joyous Housing Limited

9 Rare Townships Private Limited

10 Sunstream City Private Limited (from January 01,2013)

11 Aarti Projects and Constructions (upto June 30, 2012)

12 Akruti Jay Developers

13 Akruti Kailash Constructions

14 Akruti Realty Forefront Combine

15 Akruti Steelfab Corporation

16 Shreenath Realtors

17 Sole Builders

18 Hiranandani Akruti JV

19 Akruti Jay Chandan JV

20 Primeria JV

21 Akruti GM JV

22 Akruti SMC JV

23 Gandhi Adhivitiya Combine

24 Panama JV

25 Gulati Estate Joint Ventures

I V. Key Management Personnel

1 Mr. Hemant M. Shah, Executive Chairman

2 Mr. Vyomesh M. Shah, Managing Director

3 Mr. Madhukar B. Chobe, Executive Director (upto December 31, 2012)

V. Relatives of Key Management Personnel

1 Mrs. Lata M. Shah, Mother of Executive Chairman and Managing Director

2 Mrs. Kunjal H. Shah, Wife of Executive Chairman

3 Mrs. Falguni V. Shah, Wife of Managing Director

4 Mr. Rushank V. Shah, Son of Managing Director

5 Mr. Khilen V. Shah, Son of Managing Director

6 Mr. Kushal H. Shah, Son of Executive Chairman

7 Mrs. Nutan Dhanki, Sister of Executive Chairman and Managing Director

8 Mrs. Hemanti Parekh, Sister of Executive Chairman and Managing Director

9 Hemant M. Shah HUF- Karta Executive Chairman

10 Vyomesh M. Shah HUF- Karta Managing Director

11 Mahipatray V. Shah HUF- Karta Executive Chairman

12 Mahipatray V. Shah Discreationary Trust- Trustees Executive Chairman and Managing Director

13 Estate of Mahipatray V Shah - Beneifcary Executive Chairman and Managing Director

VI. Enterprises where key managerial personnel or their relatives exercise signifcant infuence

(Where transactions have taken place)

1 Buildbyte. Com. (India) Private Limited

2 Citygold Management Services Private Limited

3 Fourjone Realtors Private Limited

4 Helik Advisory Limited

5 Ichha Constructions Private Limited

6 Lista City Private Limited

7 Saicharan Consultancy Private Limited

8 Sanskriti Developers Private Limited

9 Sunmist Builders Private Limited

10 Superaction Realty Private Limited

11 Bigcity Developers Private Limited

12 Starzone Developers Private Limited

13 Trans Gulf MEP Engineers Private Limited (from October 01, 2012)

14 Ukay Valves and Founders Private Limited

15 Vishwajeet Consultancy Private Limited

NOTE ''6''

DISCLOSURE OF DERIVATIVES

a. No derivative instruments were outstanding at the end of the year.

b. Uncovered risks in foreign currency transactions disclosed as at 31 March, 2013.

c. Previous year fgures are given in brackets.

NOTE ''7''

Previous year fgures have been regrouped / reclassifed wherever necessary, to make them comparable with current year fgures in fnancial statements.


Mar 31, 2012

Corporate information

Hubtown Limited (formerly known as Ackruti City Limited) is a listed public limited company domiciled in India, incorporated under the Companies Act, 1956. The Company is engaged in real estate business of construction and development of Residential and Commercial Premises, SEZs, Biotech Park and Build Operate Transfer (BOT) Projects, etc. through both - on its own and through its subsidiaries / joint ventures / associate companies.

a. Terms / rights attached to Equity Shares :

The Company has a single class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees, The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing annual general meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company in proportion to the number of equity shares held by each shareholder, after settlement of all preferential obligations.

b. Shares allotted as fully paid up by way of bonus shares (during five years immediately preceding 31 March, 2012) 12,000,000 equity shares have been allotted as fully paid-up bonus shares, by way of capitalisation of General Reserve and Surplus in the Statement of Profit and Loss, for the financial year 2006-2007,

a. 18.50% Debentures of Rs. 7,500 lacs are redeemable in twenty five equal monthly installments commencing from December, 2012. These debentures are secured by mortgage on the immovable properties located at Jogeshwari (East), Mumbai as well as receivables and advances arising from such properties, and personal guarantees of the promoters.

b. 12% Debentures of Rs. 10,000 lacs are redeemable at a premium in March, 2013. These debentures are secured by second ranking mortgage over project land and structures thereto at J. R Road, Andheri (West), as well as all receivables and advances arising from such project and further secured by exclusive charge over land situated at village Mogra, Andheri (East), Mumbai.

c. 17% Debentures of Rs. 7,000 lacs are redeemable at par by the end of June 2012, These debentures are secured by mortgage / charge on the immovable properties located at Jogeshwari (East), Mumbai and by pledge of equity shares held by promoters and their family members in the Company. (Prepaid Rs. 1,250 lacs during the previous year).

d. Secured term loans from banks carry interest rates within a range of 12% to 18%. Rs. 50,380,79 lacs will become due in March 2013, Rs. 12,198.76 lacs will become due in March 2014 and the balance of Rs. 13,176.00 lacs will become due in eight equal quarterly installments of Rs. 1,362.00 lacs and sixty equal quarterly instalments of t 38.00 lacs commencing from June, 2014. The nature of securities are:

e. Secured loans from financial institutions carry interest rates within a range of 15 % to 18 %. Rs. 14,342.19 lacs will be repaia by March 2013 in eight equal installments, Rs. 1,500 lacs will be repaid by March 2014 in three equal installments and the balance of X 150 lacs will be repaid in April, 2014. These loans are secured against pledge of equity shares in the Company held by the promoters and their family members and personal guarantee of one or more promoters.

f. Unsecured long term public deposits carry interest rates within a range of 10.50% to 11,00%. The same will become repayable between a period of 1 -3 years.

g. Secured loans from others carry interest rates within a range of 15% to 20%. The same will be repaid in twenty-one equal installments by January, 2014. X 2,075.78 lacs will be repaid by March, 2013 and X 61.32 lacs will be repaid by January, 2014. These loans are secured against pledge of equity shares in the Company held by the promoters and their family members.

h. Unsecured loans from others carry interest rates within a range of 10% to 21% and will become due in thirteen equal monthly installments including interest from the balance sheet date.

9.1 Details of dues to micro and small enterprises as defined under MSMED Act, 2006

a. 'Trade payables' in Note 6 and Note 9 include Rs. Nil (RY Rs. 4.59 lacs) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED),

b. No interest was paid / payable to micro or small enterprises during the year,

c. The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of parties under the MSMED and has been relied upon by the auditors.

a. Investment property with a carrying value of Rs. 87.53 lacs (RY Rs. 92.11 lacs) are subject to first charge against the Company's working capital loans,

b. The face value of investment in debentures of Rs. 7500.00 lacs (RY. Rs. 12500.00 lacs) represents the balance value of consideration of sale of developement rights in earlier years receivable in future. The management is of the view that as the consideration was inclusive of Profit and interest, no coupon was charged on such debentures.

a. Current portion of advances recoverable in cash or kind includes an amount of Rs. 106.17 lacs being the excess of contractual remuneration paid to the Executive Chairman and the Managing Director over the maximum remuneration payable under Schedule XIII to the Companies Act, 1956. Such amount has since been recovered from them,

a. Trade receivables Include Rs. 1,864.53 lacs (RY. Rs. 5,180.68 lacs), due from a customer who had during an earlier year requested the Company to extend the credit period originally granted in the sale agreement. The party has affirmed to remain committed to the consideration originally agreed to and has, during the current year, discharged a part of the total outstanding debt. This party had earlier requested the management for further extension upto 31st August, 2012 for payment of its dues. Relying on the confirmation received from such party, the Company, is of the opinion that the amount would be fully recoverable as supported by certification and other documentary evidences.

NOTE '1'

During the year a major fire took place at the registered office of the Company on 23rd December, 2011, causing extensive damage and destruction of the records, documents and assets of the Company. However, the financial accounting records of the Company were intact. The assets of the Company at its registered office, which were destroyed in the fire, were insured. On account of pending approval of the claims from the insurer, the Company has provided for losses to the extent of Rs. 35,000,000/- on a prudent basis.

NOTE '2'

RELATED PARTIES DISCLOSURES

A. NAMES OF RELATED PARTIES AND DESCRIPTION OF RELATIONS

I. SUBSIDIARIES

1 ABP Realty Advisors Private Limited

2 Ackruti Safeguard Systems Private Limited

3 Ackruti Campus of Research and Education Private Limited (upto December 28, 2011)

4 Ackruti City Magnum limited (upto June 30, 2011)

5 Adhivitiya Properties Limited

6 Arnav Gruh Limited

7 Citygold Education Research Limited

8 Citygold Farming Private Limited

9 Devkrupa Build Tech Limited

10 Diviniti Projects Private Limited

11 Gujarat Akruti - TCG Biotech Limited

12 Halitious Developer Limited (Formerly known as Halitious Warehousing Limited)

13 Harmony Erectors Private Limited (upto December 28, 2011)

14 Headland Farming Private Limited

15 Heddle Knowledge Private Limited

16 Heeler Hospitality Private Limited

17 Heet Builders Private Limited

18 Holiac Realty Limited

19 India Development and Construction Venture Capital Private Limited

20 Jihant Housing Private Limited (upto December 28, 2011)

21 Merrygold Buildcon Private Limited

I. SUBSIDIARIES

22 Nova Realty Private Limited (upto December 28, 2011)

23 Pushpak Healthcare Services Private Limited

24 Sheshan Housing and Area Development Engineers Limited

25 Sunmist Builders Private Limited (upto December 27, 2011)

26 Superaction Realty Private Limited (upto December 28, 2011)

27 Upvan Lake Resorts Private Limited

28 Urvi Build Tech Limited

29 Vama Housing Limited

30 Vega Developers Private Limited

31 Vishal Nirman (India) Limited

32 Vishal Techno Commerce Limited

33 Yantti Buildcon Private Limited

II. ASSOCIATES

1 Ackruti City Bus Terminal (Surat) Private Limited (upto February 18, 2012)

2 Bigcity Developers Private Limited (upto December 27, 2011)

3 Forefront Realty Private Limited (upto December 28, 2011) .

4 Citywood Builders Private Limited

5 Comral Realty Private Limited

6 Gallant Infotech Private Limited

7 Glamorous Properties Private Limited (upto July 31, 2011)

8 Harbinger Developers Private Limited

9 Joynest Premises Private Limited

10 Pristine Developers Private Limited

11 Sunstream City Private Limited

12 Trans Gulf MEP Engineers Private Limited (from September 8, 2011)

13 Whitebud Developers Limited

14 Vinca Developer Private Limited

15 Leading Work Properties Private Limited , .

16 Yellowcity Builders Private Limited

III. JOINTLY CONTROLLED ENTITIES

1 Ackruti City Bus Terminal (Vadodara) Private Limited

2 Ackruti City Bus Terminal (Mehsana) Private Limited

3 Ackruti City Bus Terminal (Adajan) Private Limited

4 Ackruti City Bus Terminal (Ahmedabad) Private Limited

5 Ackruti City Magnum Limited (from July 01, 2011)

6 Quadron Business Park Limited (Formerly known as DLF Ackruti Info Parks (Pune) Limited (upto December 28,2011)

7 Hoary Realty Limited

8 Joyous Housing Limited

9 Rare Townships Private Limited

10 Aarti Projects and Constructions

11 Akruti Jay Chandan JV

12 Primeria JV (Formerly known as Akruti Forefront JV)

13 Akruti GMJV

14 Akruti Jay Developers

15 Akruti Kailash Constructions

16 Akruti Realty Forefront Combine

17 Akruti Steelfab Corporation

III. JOINTLY CONTROLLED ENTITIES

18 Hiranandani Akruti JV

19 Shreenath Realtors

20 Akruti SMC JV

21 Gandhi Adhivitiya Combine

22 Sole Builders (formerly known as Commercial Construction Corporation)

23 Panama JV (from April 01, 2011)

24 Gulati Estate Joint Venture (from February 22, 2012)

IV. KEY MANAGEMENT PERSONNEL

1 Mr, Hemant M. Shah, Executive Chairman

2 Mr, Vyomesh M. Shah, Managing Director

3 Mr. Madhukar B. Chobe, Executive Director

V. RELATIVES OF KEY MANAGEMENT PERSONNEL

1 Mrs. Lata M. Shah - Mother of Executive Chairman and Managing Director

2 Mrs. Kunjal H. Shah - Wife of Executive Chairman

3 Mrs. Falguni V, Shah - Wife of Managing Director

4 Mr. Rushank V. Shah - Son of Managing Director

5 Mr. Khilen V, Shah - Son of Managing Director

6 Master Kushal H. Shah - Son of Executive Chairman

7 Hemant M. Shah HUF - Karta Executive Chairman

8 Vyomesh M. Shah HUF - Karta Managing Director

9 Mahipatray V. Shah HUF - Karta Executive Chairman

VI. ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL OR THEIR RELATIVES EXERCISE SIGNIFICANT INFLUENCE (where transactions have taken place)

1 Ackruti Campus of Research and Education Private Limited (from December 28, 2011)

2 Bigcity Developers Private Limited (from December 28, 2011)

3 Buildbyte. Com. (India) Private Limited

4 Citygold Management Services Private Limited

5 Forefront Realty Private Limited (from December 28, 2011)

6 Harmony Erectors Private Limited (from December 28, 2011)

7 Helik Advisory Limited (Formerly known as Helik Consultancy Limited)

8 Ichha Constructions Private Limited

9 Saicharan Consultancy Private Limited

10 Sanskriti Developers Private Limited

NOTE '3'

CONTINGENT LIABILITIES (NOT PROVIDED FOR) :

(A) Claims against the Company not acknowledged as debts on account of:

1) Income tax matters under appeal 1,179.91 6,078.37

2) Demand notice issued by Brihanmumbai Mahanagar Palika for land construction charges (property tax) 548.19 547.14

3) Development permission from forest department 156.22 156.22

(B) On account of corporate guarantees issued by the Company to bankers on behalf of other companies and joint ventures for facilities availed by them 72,968.49 71,297.12 (amounts outstanding there against.)

Further, interest / penalty that may accrue on original demands are not ascertainable, at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable. -

NOTE '4'.

As notified by the Ministry of Corporate Affairs, the Revised Schedule VI to the Companies Act, 1956 is applicable to the financial statements for the financial year commencing on or after 1st April, 2011, Accordingly, the financial statements for the year ended 31st March, 2012 are prepared and presented in accordance with the Revised Schedule VI. The amounts and disclosures included in the financial statements of the previous year have been reclassified to conform to the requirements of the Revised Schedule VI.


Mar 31, 2011

1. RELATED PARTIES DISCLOSURES

A. NAMES OF RELATED PARTIES AND DESCRIPTION OF RELATIONSHIPS I) SUBSIDIARIES

1. Adhivitiya Properties Limited

2. Halitious Warehousing Limited (Formerly known as Ackruti Warehousing Limited)

3. Arnav Gruh Limited

4. Devkrupa Build Tech Limited

5. Gujarat Akruti - TCG Biotech Limited

6. Holiac Realty Limited

7. Urvi Build Tech Limited

8. Sheshan Housing & Area Development Engineers Limited

9. Heet Builders Private Limited (Formerly known as Vaishnavi Builders & Developers Private Limited)

10. Varna Housing Limited

11. Vishal Nirman (India) Limited

12. Vishal Techno Commerce Limited

13. Ackruti Safeguard Systems Private Limited (Formerly known as Ackruti Security Plates Private Limited)

14. Ackruti Campus of Research and Education Private Limited

15. Headland Farming Private Limited (Formerly known as Ackruti City Farming Private Limited)

16. Heddle Knowledge Private Limited (Formerly known as Ackruti City Knowledge Private Limited)

17. Heeler Hospitality Private Limited (Formerly known as Ackruti Guestline Private Limited)

18. Citygold Education Research Limited

19. Citygold Farming Private Limited

20. Harmony Erectors Private Limited

21. Sunmist Builders Private Limited (Formerly known as Oracle Shelters Private Limited)

22. Nova Realty Private Limited

23. Jihant Housing Private Limited

24. ABP Realty Advisors Private Limited

25. India Development and Construction Venture Capital Private Limited

26. Superaction Realty Private Limited

27. Yantti Buildcon Private Limited

28. Upvan Lake Resorts Private Limited

29. Merrygold Buildcon Private Limited

30. Vega Developers Private Limited (Formerly known as Pure Gold Developers Private Limited)

31. Ackruti City Magnum Limited (w.e.f. F. Y. 2010-11)

32. Diviniti Projects Private Limited (Formerly known as TDR Properties Private Limited)

33. Ackruti Center Infotech Limited (Subsidiary upto the previous year)

34. Ackruti Middle East FZE (Subsidiary upto the previous year)

35. E Commerce Magnum Solution Limited (Subsidiary upto the previous year)

36. Pushpak Healthcare Services Private Limited

II) ASSOCIATES, WHERE TRANSACTIONS HAVE TAKEN PLACE

1. Ackruti City Bus Terminal (Ahmedabad) Private Limited (w.e.f. F. Y. 2010-11)

2. Ackruti City Bus Terminal (Surat) Private Limited

3. Buildbyte.Com. (India) Private Limited

4. Whitebud Developers Limited (Formerly known as Agreem Properties Limited)

5. Forefront Realty Private Limited (Formerly known as V D Developers Private Limited)

6. Gallant Infotech Private Limited

7. Glamorous Properties Private Limited

8. Harbinger Developers Private Limited

9. Comral Realty Private Limited (Formerly known as Kamla Shanti Realties Private Limited)

10. Pristine Developers Private Limited

11. Citywood Builders Private Limited (Formerly known as Shree Swami Samarth Developers Private Limited)

12. Yellowcity Builders Private Limited

13. Sunstream City Private Limited (Formerly known as Zeus Infrastructure Private Limited)

14. Joynest Premises Private Limited (Formerly known as Zeal Ventures Private Limited)

15. Leading Work Properties Private Limited

16. Bigcity Developers Private Limited (Formerly known as Nectar Developers Private Limited)

III) JOINTLY CONTROLLED ENTITIES

1. Aarti Projects & Constructions

2. Akruti Forefront JV

3. Akruti GM JV

4. Akruti Jay Chandan JV

5. Ackruti Jay Developers

6. Akruti Kailash Constructions

7. Akruti Realty Forefront Combine

8. Akruti Steelfab Corporation

9. Hiranandani Akruti JV

10. Gandhi Adhivitiya Combine (Partner M/s. Adhivitya Properties Limited, a wholly owned subsidiary of Ackruti City Limited)

11. Shreenath Realtors

12. Commercial Construction Corporation

13. DLF Ackruti Info Parks (Pune) Limited

14. Rare Townships Private Limited (Formerly known as Infrastructure Ventures India Private Limited )

15. Joyous Housing Limited

16. Akruti SMC JV (Co-venturer Arnav Gruh Limited, a Wholly Owned Subsidiary of Ackruti City Limited)

17. Hoary Realty Limited (Formerly known as Chaitra Realty Limited) (Associate during the previous year)

18. Ackruti City Bus Terminal (Vadodara) Private Limited (Associate during the previous year)

19. Ackruti City Bus Terminal (Mehsana) Private Limited (Associate during the previous year)

20. Ackruti City Bus Terminal (Adajan) Private Limited (Associate during the previous year)

IV) (a) KEY MANAGEMENT PERSONNEL

1. Mr. Hemant M, Shah (Executive Chairman)

2. Mr. Vyomesh M. Shah (Managing Director)

3. Mr. Madhukar B, Chobe (Wholetime Director)

(b) RELATIVES OF KEY MANAGEMENT PERSONNEL (where transactions have taken place)

1. Mrs. Kunjal H. Shah

2. Mrs. Falguni V Shah

3. Mrs. Lata M. Shah

4. Mr. Rushank V. Shah

5. Mr. Khilen V. Shah

6. Master Kushal H. Shah

7. Hemant M. Shah HUF

8. Vyomesh M. Shah HUF

9. Mahipatray V. Shah HUF

(C) ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL OR THEIR RELATIVES EXERCISE SIGNIFICANT INFLUENCE (where transactions have taken place)

1. Citygold Management Services Private Limited

2. Ackruti Satety Innovations Limited

3. Ackruti Salt Works Limited

4. Ichha Constructions Private Limited

5. Saicharan Consultancy Private Limited

6. Sanskriti Developers Private Limited

Note: Related Party relationships are identified by the Company and relied upon by the auditors

17, (a) Sundry Creditors in Schedule G to the Accounts include (i) Rs. 459,509/-(RY- Rs. Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 985,953,066/- (RY- Rs. 477,386,540/-) due to other creditors.

(b) No interest was paid / payable to micro or small enterprises during the year.

(c) The above information has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSME.

18. "Sundry Debtors as at 31st March, 2011, include Rs. 51.81 Crore (Rs. 61.24 Crore as at 31.03.2010), due from two customers who had during an earlier year, requested the Company for extending the credit period originally granted in their respective sale agreements, The Parties had affirmed to remain committed to the consideration originally agreed to and have, during the current year, discharged a part of the total outstanding debt. These Parties have requested the management for further extension upto 30th September, 2011. Based on the above, the management considers the debt to be good and fully recoverable as at the balance sheet date.

21. Previous years figures have been regrouped / recast wherever necessary.

 
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